Australian crypto exchange Independent Reserve gains MAS license in Singapore

The Australian-based cryptocurrency exchange Independent Reserve has received a license from the Monetary Authority of Singapore (MAS) to operate as a VASP.

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We are pleased to announce we are the first regulated crypto exchange available to everyone in #Singapore 🇸🇬.#Bitcoin #cryptocurrencies #cryptocurrencies https://t.co/hqQNMh6heGhttps://t.co/1nshqjcl2S pic.twitter.com/K9tzuy6lZX

— Independent Reserve (@indepreserve) October 1, 2021

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According to the press release, the license will allow Independent Reserve to accelerate its growth in Singapore and to provide services in accordance with local law.

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“A well-regulated environment will benefit investors as well as stakeholders in the crypto industry,” the statement said.

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Representatives of the trading platform also said that they had become one of the first virtual asset service providers to obtain full authorization to operate in Singapore.

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Earlier MAS listed the Bitcoin exchange Binance in the ‘Investor Alert List’. The regulator stressed that it does not supervise its activities.

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Earlier in September Binance announced that it would ban the use of the Singapore dollar in operations on the platform, and would also remove apps from regional App Store and Google Play.

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The head of the company Changpeng Zhao urged Singaporean clients to use the Binance.sg platform, which is owned by Binance Singapore. It has submitted an application to MAS for a license and is currently operating under the exemption provided by the Payments Services Act.

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From 26 October 2021, Binance will close to Singaporean users access to a range of services on its platform.

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